News & Events
2025
Freddie Jacobs, Jr., Named President and CEO of NRS Trust Product Administration
Freddie Jacobs, Jr., has been promoted to President and Chief Executive Officer of Northeast Retirement Services, LLC (NRS) and its subsidiary Global Trust Company (GTC).
NRS, a BPAS subsidiary, provides a full range of institutional services, including Transfer Agency, Master Trust Plan Accounting, Fund Unitization, Fund-of-Fund Solutions, and Fiduciary Services. Its GTC subsidiary is a non-depository trust company providing fiduciary and trustee services for some of the largest and most complex institutional asset managers and Fortune 500 plan sponsors.
In his new role, Jacobs will also serve as President of the Institutional Trust Services for BPAS overseeing the strategy and profitability for the BPAS Trust companies. BPAS is a wholly owned subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU).
Jacobs brings more than 30 years of experience in the investment industry. He has served in a number of key positions since joining NRS in 2013, most recently as the Chief Operating Officer and Chief Risk Officer. Prior to NRS, Jacobs created and led the 40 Act Compliance Reporting Services Team at JP Morgan. He also spent four years with State Street Bank as a Risk Manager for Investor Services where he was responsible for new product reviews, new business risk assessments, risk-control self-assessments, and other duties related to mitigating risks to the organization.
“Freddie brings a wealth of experience and knowledge to this role, having demonstrated exceptional leadership capabilities and a profound commitment to our mission,” said Dimitar Karaivanov, President and CEO at Community Financial System, Inc. “We are pleased to have him lead the amazing NRS and GTC teams while they continue to deliver top-notch service to customers and prospects.”
“I am deeply grateful for the trust and confidence Dimitar and Paul have placed in me to lead NRS into its next chapter,” Jacobs said. “I am fortunate to inherit a remarkable organization built by our former CEOs, Chris Hulse and Tom Forese, and supported by an exceptional team of dedicated professionals committed to delivering best-in-class service. I am truly excited and thankful for this opportunity.”
Jacobs holds a bachelor’s degree in accounting from Hampton University and is a Certified Public Accountant. He takes great pride in the communities where he lives and works and is on the Board of Directors for the Sportsmen’s Tennis & Enrichment Center, as well as Camp Harborview. He is also the Chair of the Board for Crispus Attucks Fund, Inc, and an Independent Trustee on the Board of Directors for Unified Series Trust.
“We couldn’t be more pleased to have Freddie lead our NRS and GTC companies,” added Paul Neveu, BPAS CEO. “With his proven leadership and fresh perspective, we are excited to embark on this next chapter of innovation and growth together. We have great things in store, and I’m excited to have Freddie’s knowledge, vision, and guidance lead the way.”
Chris Hulse is stepping down as Chief Executive Officer at NRS but will remain with the firm in his current role as GTC Chair.